Virtual currencies have taken a large place in the world market.
Kosovo has also become part of this trend. The law on cryptocurrencies is already being claimed. The Working Group for the Draft Law on Cryptocurrencies has been established in the Assembly of Kosovo.
At the meeting of the Committee on Economy, Industry, Entrepreneurship and Trade, a Working Group was formed for the legislative initiative for drafting the Draft Law on Cryptocurrencies.
The deputy of this group has been elected the deputy Mimoza Kusari-Lila, while the member of this group Jeta Statofci emphasized that through this law they aim to create a legal basis as appropriate as possible for cryptocurrencies.
“As we have foreseen in the Work Plan, there is also the Draft Law on Cryptocurrencies. We have accepted the research, so I think it is appropriate to form a working group, which will be engaged in this Draft Law. I propose that in addition to the training group, there is also the commitment of experts as it is a new field to give their contribution in creating a legal basis as appropriate as possible and in accordance with the needs identified in the market, “said Statovci.
Otherwise, many citizens in Kosovo have invested in cryptocurrencies, although it is not regulated by law so far.
Some young people already in Kosovo have created a cryptocurrency called “KosovaCoin”.
Cryptocurrency is currently worth less than a cent, but its creators think it will increase in value. So far, about 150 people have invested in this currency.
Some time ago, through a press release, the Central Bank of Kosovo had said that the use of virtual currencies poses a risk that could result in financial losses.
“The use of virtual money, such as Bitcoin, is not legally regulated and poses a risk that could result in financial losses. All potential users of virtual money are informed that in the Republic of Kosovo there is no institution that guarantees the reimbursement of lost money.
Kosovo Customs has shown what types of equipment for the production of cryptocurrencies have been imported in recent years in Kosovo.
“We have two types of equipment which are imported to Kosovo. We have 8 mines that have been directly for the production of cryptocurrencies, and we have graphics cards which are imported in large quantities, which continue to be imported “.
Customs does not have exact data on how many pieces of such equipment are imported, but, in 2016 when this phenomenon started, a special code was created for these devices to be registered.
“Equipment used for ‘mining’ are equipment that during the year had the peak of imports during 2017-2018, which are about 4 million euros such equipment. The same goes for the graphics cards, around 5 million euros was the value “.
A virtual currency is an unregulated form of digital money which is not used or guaranteed by a central bank and which can act as a means of payment.
Virtual currencies come in many forms, initially as currencies within online gaming establishments and social media, and later developed as ‘offline’ or ‘real life’ means of payment.